The US wheat market opened lower overnight; this was followed by an immediate rally in the mid session. After the mid session highs wheat prices dropped falling below the early lows. This was due to profit taking and weakness in the soybean market.  Wheat lost to corn overnight with spread traders actively buying corn and selling wheat. In activity Japan is looking to buy 85,000 tonnes of wheat on its regular weekly tender.

Canola market relatively unchanged compared to yesterday after opening softer. Estimates are that Canadian canola production to be over 10.6 million tonnes.

Chicago wheat for December 2008 is down 14 ½ cents at 870 ¼ cents per bushel.

Chicago corn for December 2008 is up 11 ¾ cents at 584 ½ cents per bushel.

Winnipeg canola for November 2008 is up 90 cents at $566.90 Canadian a tonne.

AWB’s Multi grade contract price (based on APW1 flat priced) for the 08/09 season are down today at:              

• $368.00 – Newcastle
• $368.00 – Port Kembla          
• $363.00 – Geelong 
• $356.00 – Portland 
• $363.00 – Brisbane
• $355.00 – Gladstone
• $340.00 – Port Adelaide
• $340.00 – Port Lincoln

AWB’s 08/09 canola price today is unchanged at $648.00 per tonne, based on 42% oil, delivered Geelong.

All prices are quoted GST exclusive.